Crowdly
Add to Chrome
ECON-1010-D1/D2-Introduction to Microeconomics
Looking for ECON-1010-D1/D2-Introduction to Microeconomics test answers and solutions? Browse our comprehensive collection of verified answers for ECON-1010-D1/D2-Introduction to Microeconomics at moodle.uleth.ca.
Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!
What does diminishing marginal product suggest?
✅
❌
❌
❌
❌
View this question
Consider the following: The profit-maximizing price charged for goods produced is $16. The intersection of the marginal-revenue and marginal-cost curves occurs where output is 10 units and marginal cost is $8. Average total cost for 10 units of output is $6. What is the monopolist’s profit under these conditions?
0%
0%
❌
33%
❌
View this question
Use the information below to answer the following questions.Fact 12.5.1 Cascade Springs Inc. is a natural monopoly that bottles water from a spring high in the Rocky Mountains. The total fixed cost it incurs is $80,000, and its marginal cost is 10 cents a bottle. The demand curve for Cascade Springs bottled water is shown in the following figure:
Figure 12.5.1
0%
0%
0%
0%
0%
View this question
If a monopolist sells 100 units at $8 per unit and realizes an average total cost of $6 per unit, what is the monopolist’s profit?
❌
❌
❌
❌
✅
View this question
Use the figure below to answer the following questions.
Figure 12.4.6
Prime Pharmaceuticals has developed a new asthma inhaler, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 12.4.6. The patent gives Prime Pharmaceuticals a monopoly for its new inhaler. If Prime Pharmaceuticals can perfectly price discriminate, producer surplus is0%
0%
25%
75%
0%
View this question
Consider the following: The profit-maximizing price charged for goods produced is $12. The intersection of the marginal-revenue and marginal-cost curves occurs where output is 10 units, marginal cost is $8, and average total cost is $7. What is the monopolist’s profit under these conditions?
❌
❌
✅
❌
❌
View this question
Use the figure below to answer the following questions.
Figure 12.4.2
❌
✅
❌
❌
❌
View this question
A monopolist faces market demand given by P = 80 – Q. For this market MC = 20. What price will the monopolist charge in order to maximize profits?
❌
❌
❌
✅
❌
View this question
Suppose a firm producing digital cameras is operating such that marginal costs are higher than average costs. If the firm produces one more camera, average costs will
❌
❌
❌
✅
❌
View this question
A production function measures the relation between
❌
❌
❌
❌
✅
View this question